The Brooklyn Paper will be another Big Apple-based institution under the News Corp. umbrella, joining The New York Post, the Wall Street Journal and the Courier-Life chain, which publishes 12 newspapers in Brooklyn. Murdoch's News Corp. is also the parent company of the Fox 5, Fox News and WWOR.

The Brooklyn Paper's longtime editor Gertz Kuntzman and publisher Celia Weintrob confirmed the purchase to The New York Observer Tuesday, saying that staffers at The Brooklyn Paper are "very excited" to be absorbed into the Murdoch money machine.

"They don't want the product to change. And they love the product. The product is fantastic," Kuntzman said.

The Brooklyn Paper has been published independently for 31 years. Rumors persisted last year that "Brooklyn's Real Newspaper" would be shutting its doors, but Kuntzman said then that there was no chance of "going out of business" -- or selling to a mogul like Murdoch.